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AXISCADES - AXISCADES Tech.

📊 NSE: AXISCADES 🏢 Computers - Software - Medium / Small 📅 Last Updated: 12/13/2025 18:48

📢 Recent Corporate Announcements

AXISCADES Fined ₹4.6 Lakh by NSE & BSE for Board Composition Non-Compliance

🔴 NEGATIVE ⭐ 4/10

REGULATORY 📅 16 Mar 2026, 08:23 PM

AXISCADES Technologies has paid a total fine of approximately ₹4.6 lakh (including GST) to the NSE and BSE for non-compliance with SEBI Board composition requirements (Regulation 17(1)). The penalty stems from a 39-day delay in maintaining the required board structure for the quarter ended December 31, 2025. The company has confirmed the payment of these fines and stated that the Board is actively seeking suitable candidates to fill the vacancy. Failure to rectify this in the subsequent quarter could lead to the stock being moved to the 'Z' category (Trade-for-Trade).

Total fine of ₹2,30,100 (inclusive of 18% GST) paid to each exchange (NSE and BSE).
Non-compliance relates to Regulation 17(1) regarding Board composition for 39 days.
Penalty was calculated at a rate of ₹5,000 per day for the December 2025 quarter.
Company risk includes potential freezing of promoter shareholding if compliance is not met.
Board has advised management to complete the appointment of a new director at the earliest.

💡 Investors should monitor the company's upcoming board appointments to ensure regulatory compliance is restored. While the financial impact of the fine is negligible, persistent non-compliance could lead to the stock being shifted to the 'Z' category, affecting liquidity.

AXISCADES to Acquire Remaining 24% Stake in CSTI for USD 1.5 Million

🟢 POSITIVE ⭐ 7/10

M&A 📅 16 Mar 2026, 08:04 PM

AXISCADES Technologies has approved the acquisition of the remaining 24% stake in Cades Studec Technologies India Private Limited (CSTI) from STUDEC SAS France. The acquisition, valued at USD 1.5 million, will result in CSTI becoming a 100% wholly-owned subsidiary of the company. CSTI is a profitable entity specializing in technical documentation for the Aerospace and Automotive sectors, reporting a turnover of ₹19.85 crore in FY24-25. This consolidation is expected to be completed by June 2026 and aims to fully leverage CSTI's business potential in technical publications.

Acquisition of 1,50,000 equity shares representing the balance 24% stake in CSTI
Total cash consideration for the transaction is USD 1,500,000 (approx. ₹12.5 crore)
CSTI reported a turnover of ₹19.85 crore and a net worth of ₹28.07 crore for FY24-25
CSTI's revenue has grown from ₹16.94 crore in FY22-23 to ₹19.85 crore in FY24-25
The transaction is expected to be finalized by June 2026

💡 Investors should view this as a positive strategic move to consolidate ownership in a profitable niche subsidiary. The full ownership will allow AXISCADES to better integrate technical documentation services with its core engineering offerings.

AXISCADES Signs Strategic Agreement with France for Space Situational Awareness

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 25 Feb 2026, 07:17 AM

AXISCADES Technologies has signed a strategic agreement at the Embassy of France to enhance India's Space Situational Awareness (SSA) capabilities. The signing occurred during the visit of the French delegation led by President Emmanuel Macron, highlighting the high-level diplomatic and industrial significance of the deal. This partnership leverages AXISCADES' expertise in Aerospace and Defence, where it currently employs over 3,000 professionals across 17 global locations. The agreement is expected to strengthen the company's position in high-tech space domains and its long-term relationship with global OEMs and defense forces.

Agreement signed in the presence of French Minister Delegate Ms. Eléonore Caroit during President Macron's India visit.
Focus on enhancing India’s capability in the niche and critical Space Situational Awareness (SSA) domain.
Company utilizes a global workforce of 3,000+ professionals across 17 locations to support this initiative.
Strengthens AXISCADES' existing portfolio in Aerospace, Defence, and ESAI domains.

💡 Investors should view this as a positive strategic move into the high-growth space technology sector. Monitor for specific contract values or revenue guidance that may arise from this partnership in upcoming quarterly earnings.

AXISCADES Q3 FY26 PAT Jumps 87% YoY to INR 28 Cr; EBITDA Margins Hit Record 18.3%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Feb 2026, 09:30 AM

AXISCADES reported a robust Q3 FY26 with revenue growing 25% YoY to INR 343 crores and EBITDA rising 55% to INR 63 crores. The company achieved its highest-ever quarterly EBITDA margin of 18.3%, driven by a strategic shift toward a product-led business model which now accounts for 39% of revenue. Management has guided for 40-50% EPS growth in both FY26 and FY27, supported by the 'Power930' vision and new manufacturing facilities like the Devanahalli Aero Land.

Q3 FY26 Revenue grew 25% YoY to INR 343 crores with a record EBITDA margin of 18.3%, up 360 bps.
9M FY26 EBITDA of INR 144 crores has already surpassed the total EBITDA achieved in the entire FY25.
The product-to-service revenue mix improved to 39:61 from 33:67 YoY, with a target to flip this ratio by FY27.
Management projects 40-50% EPS growth for FY26 and FY27, aiming for INR 9,000 crores revenue by 2030.
Net debt remains manageable at INR 67 crores against a net worth of INR 730 crores as of December 31, 2025.

💡 Investors should monitor the successful transition from a service-heavy to a product-led model, which is significantly boosting margins. The aggressive EPS growth guidance and expansion in the defense and aerospace segments make this a strong growth play in the engineering R&D space.

AXISCADES to Meet Institutional Investors and Analysts on February 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 03:46 PM

AXISCADES Technologies Limited has announced a scheduled interaction with institutional investors and analysts on February 18, 2026. The meetings are set to take place in Bengaluru and will consist of both one-to-one and group interaction formats. This disclosure is a routine filing under Regulation 30 of SEBI (LODR) Regulations, 2015. The company has explicitly stated that no unpublished price sensitive information will be shared during these sessions.

Interaction with institutional investors and analysts scheduled for February 18, 2026.
Meetings will be held in Bengaluru in both one-to-one and group formats.
The announcement was formally filed with the exchanges on February 13, 2026.
Company confirmed that no unpublished price sensitive information (UPSI) will be disclosed.

💡 Investors should monitor the company's website or exchange filings for any post-meeting presentations or transcripts that might provide insights into the management's outlook. No immediate trading action is necessary based on this routine disclosure.

AXISCADES to Attend Sashakt Bharat Aerospace & Defence Conference on February 16, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 06:54 PM

AXISCADES Technologies has scheduled participation in the 'Sashakt Bharat – Aerospace & Defence Conference 2026' hosted by Anand Rathi Securities. The event will take place on February 16, 2026, in Mumbai, featuring one-to-one and group meetings with institutional investors and fund managers. This interaction is part of the company's regular investor relations program to discuss business prospects in the aerospace and defense sectors. The company has clarified that no unpublished price sensitive information will be shared during these meetings.

Participation in Sashakt Bharat – Aerospace & Defence Conference 2026 on Feb 16, 2026
Meetings hosted by Anand Rathi Securities in Mumbai
Format includes both one-to-one and group interactions with fund managers
Engagement focused on the Aerospace and Defence sector outlook
Compliance confirmed with SEBI Regulation 30 regarding non-disclosure of UPSI

💡 Investors should watch for any investor presentations or management commentary released following the conference for updates on the order book and defense projects. No immediate trading action is required as this is a routine disclosure.

AXISCADES to Attend Anand Rathi Aerospace & Defence Conference on February 16, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 04:24 PM

AXISCADES Technologies has announced its participation in the 'Sashakt Bharat – Aerospace & Defence Conference 2026' hosted by Anand Rathi Securities. The event is scheduled for February 16, 2026, in Mumbai and will involve interactions with various institutional investors and fund managers. These meetings will be conducted in both one-to-one and group formats to discuss the company's business environment. The company has explicitly stated that no unpublished price sensitive information will be shared during these interactions.

Participation in Sashakt Bharat – Aerospace & Defence Conference 2026 on Feb 16, 2026.
Interaction with institutional investors and fund managers in Mumbai.
Meetings organized by Anand Rathi Securities in one-to-one and group formats.
Company confirms no unpublished price sensitive information (UPSI) will be disclosed.

💡 This is a routine investor outreach event; investors should watch for any post-event presentations or transcripts filed with the exchanges for insights into management's outlook.

AXISCADES Q3FY26 PAT Surges 87% YoY to ₹28 Cr; EBITDA Margins Expand to 18.3%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 07:49 PM

AXISCADES reported a strong Q3FY26 with revenue growing 25% YoY to ₹343 crore, driven by a 50% surge in the Defence segment and 28% in Aerospace. Profitability saw a significant jump as PAT rose 87.2% YoY to ₹28 crore, while EBITDA margins expanded by 360 bps to 18.3%. The company has already surpassed its full-year FY25 EBITDA in just nine months of FY26. Management has provided a robust outlook, targeting 40-50% EPS growth for both FY26 and FY27 as it transitions towards a product-led manufacturing model.

Q3FY26 PAT grew 87.2% YoY to ₹28 crore, while 9M FY26 PAT reached ₹72 crore, up 63.6% YoY.
EBITDA margins improved significantly to 18.3% in Q3, compared to 14.7% in the same quarter last year.
Defence and Aerospace segments showed strong momentum with 50% and 28% YoY growth respectively in Q3.
Management guides for 40-50% EPS growth in FY26 and FY27, backed by the 'Power930' vision to reach ₹9,000 crore by 2030.
Net Debt stands at a comfortable ₹67 crore against a Net Worth of ₹730 crore as of December 31, 2025.

💡 Investors should consider this a strong performance indicating successful execution in the high-growth Defence and Aerospace sectors. The aggressive EPS guidance and transition to a product-led model make it a compelling 'buy on dips' candidate for long-term portfolios.

AXISCADES Q3 FY26 Adj. PAT Surges 140% YoY; Targets 40-50% EPS Growth for FY26-27

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 07:45 PM

AXISCADES reported a robust Q3 FY26 with consolidated revenue growing 25% YoY to ₹343 crore and adjusted PAT jumping 140% to ₹35 crore. The company is aggressively transitioning from a services-led model to a product and manufacturing-anchored business under its 'Power930' vision, aiming for ₹9,000 crore revenue by 2030. Management has provided strong guidance of 40-50% EPS growth for both FY26 and FY27, backed by margin expansion in core segments. While Defence and Aerospace segments show strong momentum, the Heavy Engineering and Auto vertical remains a drag with negative EBITDA.

Q3 FY26 Adjusted PAT rose 140.3% YoY to ₹35 crore, with EBITDA margins expanding 360 bps to 18.3%.
Management projects a 40-50% YoY increase in Earnings Per Share (EPS) for both FY26 and FY27.
Defence segment revenue grew 39% YoY in 9M FY26 to ₹311 crore, maintaining a high EBITDA margin of 23.7%.
The 165,000 sq. ft. Devanahalli Aero Land (DAL) facility is now fully operational with global partnerships secured.
Company aims for 80% of revenues to come from manufacturing-driven products and solutions by FY28.

💡 Investors should focus on the company's successful transition to a high-margin product-led model and its strong positioning in the Indian defence sector. Monitor the performance of the Heavy Engineering segment for signs of a turnaround or strategic exit.

AXISCADES Q3 FY26 Net Profit Jumps 87% YoY to ₹27.66 Cr; Revenue Up 25%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 07:19 PM

AXISCADES Technologies reported a strong financial performance for Q3 FY26, with consolidated revenue rising 25% YoY to ₹343.18 crore. Net profit surged 87% YoY to ₹27.66 crore, even after accounting for an exceptional loss of ₹7.82 crore. The company also strengthened its leadership by appointing Mr. Mukund Santhanam, an IIT/IIM alumnus with 30 years of global experience, as Chief Strategy and Growth Officer. Furthermore, the board approved a ₹9.50 crore corporate guarantee for its aerospace subsidiary to support its credit facilities.

Consolidated Revenue from operations grew 25% YoY to ₹343.18 crore in Q3 FY26.
Net Profit for the quarter increased to ₹27.66 crore compared to ₹14.76 crore in Q3 FY25.
9M FY26 Net Profit reached ₹71.65 crore, representing a 63.6% growth over the previous year's ₹43.79 crore.
Appointment of Mr. Mukund Santhanam as Chief Strategy and Growth Officer to lead strategy and Investor Relations.
Approved a ₹9.50 crore corporate guarantee for wholly owned subsidiary AXISCADES Aerospace & Technologies.

💡 The significant growth in both revenue and profitability suggests strong operational momentum and efficiency. Investors should view the high-profile management appointment as a positive step toward scaling global operations and improving investor relations.

AXISCADES Subsidiary Mistral Wins ₹80 Crore Order for LCA Mk1A Program

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 09 Feb 2026, 09:14 AM

AXISCADES Technologies' subsidiary, Mistral Solutions, has secured a ₹80 crore order from Hindustan Aeronautics Limited (HAL) for the LCA Mk1A program. The contract involves the supply of critical avionics hardware, specifically Mission Computers and Smart Multifunction Displays. Production will be handled at the company's newly commissioned Devanahalli Atmanirbhar Complex (DAL) in Bangalore. This development reinforces AXISCADES' role in the 'Make in India' initiative and its strategic partnership with DRDO and HAL.

Secured a ₹80 crore production order for the prestigious LCA Mk1A programme
Order includes critical subsystems: Mission Computers and Smart Multifunction Displays
Production to be executed at the newly commissioned DAL facility in Bangalore
Strengthens the company's position in the defence indigenisation and ESAI domains

💡 This order win enhances revenue visibility and validates the company's investment in the new DAL facility. Investors should monitor the company's ability to secure further high-margin defence contracts as the LCA Mk1A program scales.

AXISCADES Subsidiary Mistral Solutions Wins Rs 80 Crore Order from HAL

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 09 Feb 2026, 09:06 AM

AXISCADES Technologies' subsidiary, Mistral Solutions, has secured a domestic order valued at approximately Rs. 80 Crores from Hindustan Aeronautics Limited (HAL). The contract involves the supply of Mission Computers and Smart Display Units, which are critical high-tech components for the aerospace and defense sector. This order is scheduled to be executed over multiple years, providing the company with long-term revenue visibility and strengthening its partnership with a major Indian defense PSU.

Order value of approximately Rs. 80 Crores awarded by Hindustan Aeronautics Limited (HAL).
Scope includes the supply of Mission Computers and Smart Display Units.
Execution period spans across multiple years, ensuring steady revenue flow.
Order won by subsidiary Mistral Solutions Private Limited, reinforcing the group's defense electronics capabilities.

💡 This contract win is a positive indicator of the company's growing footprint in the defense electronics space. Investors should monitor the company's order book growth and execution efficiency in upcoming quarterly results.

AXISCADES to Host Q3 & 9M FY26 Earnings Conference Call on February 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 12:43 PM

AXISCADES Technologies has scheduled its earnings conference call for Tuesday, February 10, 2026, at 4:00 PM IST. The call will focus on the unaudited financial results for the third quarter and nine months ended December 31, 2025. Key management personnel, including Founder Chairman Dr. Sampath Ravinarayanan and CFO Mr. Shashidhar SK, will be present to discuss performance and answer queries. This is a standard regulatory procedure following the conclusion of the fiscal quarter.

Conference call scheduled for February 10, 2026, at 04:00 PM IST.
Discussion will cover Unaudited Financial Results for Q3 and 9M FY26.
Management participants include Founder Chairman Dr. Sampath Ravinarayanan and CFO Mr. Shashidhar SK.
Universal dial-in numbers are +91 22 6280 1550 and +91 22 7115 8378.
Pre-registration via Diamond Pass is available to bypass the wait time.

💡 Investors should attend the call or review the transcript later to understand management's outlook on the aerospace and defense sectors. No immediate trading action is required based solely on this scheduling announcement.

AXISCADES Subsidiary Mistral Solutions Secures USD 1.4 Million International Contracts

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 04 Feb 2026, 09:34 AM

AXISCADES Technologies Limited's subsidiary, Mistral Solutions Private Limited, has been awarded new international contracts for design, development, and production. The orders come from two US-based entities, Axon Enterprise Inc and Stratacache Inc. The total value of these contracts is approximately USD 1.4 million. These projects are expected to be executed over a period of more than one year, reinforcing the company's footprint in the global technology and engineering services market.

Subsidiary Mistral Solutions received contracts from US-based Axon Enterprise Inc and Stratacache Inc.
Total consideration for the awarded contracts is approximately USD 1.4 Million.
The scope of work includes design, development, and production services.
The execution timeline for these international contracts is scheduled for over one year.

💡 Investors should monitor the company's ability to scale these international partnerships, as Mistral Solutions remains a key growth driver for AXISCADES. The contract reinforces the company's specialized engineering capabilities in the global market.

AXISCADES Secures ₹13.5 Cr "Make in India" Orders from US Customers Post Trade Deal

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 04 Feb 2026, 09:32 AM

AXISCADES Technologies, through its subsidiary Mistral Solutions, has secured its first "Make in India" design and build orders from two major US-based companies. The initial order value is approximately ₹13.5 crores, involving a global homeland security leader and a marketing products firm. This development follows the signing of a significant US-India trade agreement, positioning the company to benefit from increased bilateral technology collaboration. These wins enhance the company's long-term revenue visibility and validate its capabilities in the high-technology Aerospace and Defence sectors.

Secured inaugural design and build orders worth ₹13.5 crores from two leading US companies
Orders executed via subsidiary Mistral Solutions, marking the first "Make in India" production engagement for these clients
Strategic alignment with the new US-India trade agreement to boost high-technology product co-creation
Clients include a global leader in homeland security and a major marketing/audience engagement firm
Strengthens AXISCADES' position in Aerospace, Defence, and ESAI (Electronics, Semiconductor, and AI) domains

💡 Investors should view this as a positive strategic milestone that opens doors for larger "Make in India" export orders. Monitor the execution of these initial contracts and further order inflows resulting from the Indo-US trade alignment.

View All AXISCADES Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 grew 13.0% YoY to INR 299 Cr. Core domains (Aerospace, Defense, ESAI) grew 22.0% YoY, while other domains (Heavy Engineering, Auto, Energy) declined 11.1% YoY. Specifically, Defense revenue increased 37% YoY and Aerospace grew 16% YoY in Q2 FY26. For H1 FY26, Aerospace revenue was INR 174 Cr, Defense was INR 173 Cr, and ESAI was INR 63 Cr.

Geographic Revenue Split

As of Q2 FY26, the revenue split by geography is: APAC at 41% (up from 39% in Q2 FY25), Europe at 31% (down from 35% in Q2 FY25), USA at 24% (up from 22% in Q2 FY25), and Canada at 4% (stable).

Profitability Margins

PAT for Q2 FY26 reached INR 23 Cr, an 89% YoY increase, with PAT margins improving from 4.6% to 7.6%. For H1 FY26, PAT was INR 44 Cr (up 51.6% YoY) with a margin of 7.9%. Diluted EPS for H1 FY26 stood at INR 10.21, a 53% increase.

EBITDA Margin

EBITDA for Q2 FY26 was INR 47 Cr, up 41.5% YoY, with margins expanding 310 bps to 15.7%. H1 FY26 EBITDA was INR 81 Cr (up 25.7% YoY) with a 14.9% margin. Core domains delivered a high EBITDA margin of 19.3% in H1 FY26, while other domains were at 1.6%.

Capital Expenditure

The company is executing aggressive capex plans to support non-linear growth in Defense and Aerospace. Capital Work-in-Progress increased from INR 0.2 Cr in March 2025 to INR 3.7 Cr in September 2025. Investments include the Aeroland facility and the Devanahalli Atmanirbar Complex.

Credit Rating & Borrowing

CARE Ratings reaffirmed 'CARE A-; Stable / CARE A2+' for bank facilities as of October 2024. Total borrowings as of Sept-25 were INR 163 Cr (INR 83 Cr non-current and INR 80 Cr current). Net debt is approximately INR 50 Cr against a net worth of INR 700 Cr.

⚙️ Operational Drivers

Raw Materials

As a transitioning engineering firm, primary costs are human capital (FTEs) and electronic components for defense systems. Product revenue increased to 38% of total revenue in H1 FY26 from 32% in H1 FY25, indicating a shift toward material-based manufacturing in Navigation Aids and Radar technologies.

Import Sources

Not explicitly disclosed, but strategic partnerships with Indra (Spain) and EEA Aircraft (France) suggest sourcing of technology and components from Europe for defense and aerospace products.

Key Suppliers

Not disclosed in available documents; however, the company partners with global OEMs like Indra and EEA Aircraft for co-development of defense and aerospace systems.

Capacity Expansion

Expanding infrastructure to support product-driven growth, specifically through the Aeroland facility and Devanahalli Atmanirbar Complex to serve the defense and aerospace supply chain.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the shift to a 38% product-led revenue mix in H1 FY26 increases the importance of procurement for strategic electronics and defense hardware.

Manufacturing Efficiency

Revenue per employee improved by 29% in Core domains in Q2 FY26. The offshore revenue mix increased to 78% in Q2 FY26 from 77% in Q1 FY26, enhancing cost efficiency.

📈 Strategic Growth

Expected Growth Rate

40%

Growth Strategy

Achieved through the 'Power930' initiative aiming for $1 billion revenue by 2030. Strategy involves transitioning from service-centric to product-driven models (38% product mix in H1 FY26), focusing on core domains (Aerospace, Defense, ESAI), and leveraging new facilities like Devanahalli for global OEM supply chains.

Products & Services

Engineering services, Navigation Aids, Active Protection Systems, Radar and Laser defense technologies, and strategic electronics for the post-silicon domain.

Brand Portfolio

AXISCADES, Aeroland, Devanahalli Atmanirbar Complex.

New Products/Services

New opportunities in Navigation Aids and Active Protection Systems via the Indra partnership and aerospace opportunities through EEA Aircraft. Product revenue share grew by 600 bps YoY in H1 FY26.

Market Expansion

Focusing on international business development in Europe and USA, with a visible shift toward APAC which now accounts for 41% of revenue.

Strategic Alliances

MoU with Indra for Radar and Laser defense technologies; partnership with EEA Aircraft for aerospace domain opportunities.

🌍 External Factors

Industry Trends

The industry is shifting toward digital-first engineering and strategic electronics. AXISCADES is positioning itself for this by focusing on ESAI (Electronics, Semiconductor, AI) and moving from 68% service revenue to a higher product mix.

Competitive Landscape

Operates in a highly fragmented and competitive engineering services industry, competing with both global ER&D players and niche defense manufacturers.

Competitive Moat

Moat is built on deep domain expertise in Aerospace and Defense (75% of H1 revenue) and long-standing relationships with global OEMs. Sustainability is driven by high switching costs in defense contracts and specialized infrastructure.

Macro Economic Sensitivity

Highly sensitive to global defense procurement cycles and aerospace industry health. Defense revenue is seasonal, with H2 typically contributing 55% of annual revenue.

Consumer Behavior

Not applicable as the company is B2B/B2G; however, demand is driven by government defense budgets and global airline fleet expansions.

Geopolitical Risks

Beneficiary of the 'Atmanirbhar Bharat' initiative in Indian defense, but exposed to global trade barriers in aerospace and strategic electronics.

⚖️ Regulatory & Governance

Industry Regulations

Subject to stringent defense procurement procedures and aerospace safety standards. Operations are influenced by Indian defense procurement policies and SEBI LODR regulations for listed entities.

Taxation Policy Impact

Effective tax rate for Q2 FY26 was approximately 36% (INR 13 Cr tax on INR 36 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Timing of defense order realizations (H2 heavy) and the successful turnaround or divestment of the HE & Auto segment which currently has a -0.6% EBITDA margin.